If government was not allowed to make interpersonal comparisons of utility, what effect would this have on how we tax people?
a. We could not tax at all.
b. We could not justify taxing the rich more than the poor.
c. We would tax the rich more than the poor.
d. Whatever tax government collects would have to be voluntarily given by the people taxed
e. We could continue taxing the way we do, but it would be less efficient.
B
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Monetarism is a school of thought put forth by Milton Friedman. He argued that the economy would most likely
A) be unstable. B) be at potential GDP. C) be above potential GDP. D) be below potential GDP.
A positive effect of opening up countries to international trade is that it results in the creation of supporting industries that provide resources to the industry in which trade takes place
a. True b. False Indicate whether the statement is true or false
Which of the following market structures will have only normal profit in the long run?
A. Oligopoly. B. Monopolistic competition. C. Monopoly. D. Duopoly.